News Services

Awfis Space Solutions Limited files DRHP


BENGALURU/ NEW DELHI: Flexible office operator Awfis Space Solutions Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), aiming to raise Rs 160 crores through its Initial Public Offering (IPO).

The company intends to allocate the net proceeds from the offering towards capital expenditure for establishing new centers, funding working capital requirements, and addressing general corporate needs, as outlined in the DRHP.

Notably, this IPO marks a milestone as the first by any indigenous flexible office operator in India. Awfis follows asset-light managed space model and a distinctive managed aggregation supply approach for landlords, resulting in the largest number of centers across the country.

The proposed IPO entails an offer for the sale of up to 10,023,172 equity shares, with Peak XV Partners Investments V, Bisque Limited, and Link Investment Trust planning to offload stakes. Founder CEO Amit Ramani will maintain a stake in the company, signaling a partial stake sale by Peak XV Partners and Chrys Capital entities, as per DRHP.

Investors such as Havells Family Office, Dalmia Bharat, Jubilant Family Offices, and Ashish Kacholia will retain their positions, reinforcing commitment as none are exiting through the IPO, according to the DRHP.

Leading financial entities, including ICICI Securities Limited, Axis Capital Limited, IIFL Securities, and Emkay Global Financial Services Limited, will serve as Book Running Lead Managers for the IPO.Awfis offers a diverse range of flexible workspace solutions, from individual desk requirements to tailored office spaces for start-ups, SMEs, and large corporations. Recognized as the top player in the flexible workspace segment by CBRE, Awfis operates in 16 cities across India, boasting the highest presence in micro-markets.With a total of 136 centers in 16 cities, Awfis provides 81,433 seats, covering a chargeable area of 4.12 million sq. ft. The ongoing fit-out of 15 centers, comprising 11,191 seats and a chargeable area of 0.53 million sq. ft., further underscores the company’s commitment to expansion.

Flexible workspaces are in high demand as organizations adapt to hybrid work and seek long-term value beyond the obvious short-term cost savings.

The demand for shared or managed workspaces has doubled since 2019 and is currently at 43.5 mn sq ft, comprising 6.3% of the total Grade A office stock.

Shared workspaces are on the rise in India, with supply expected to touch 80 million square feet by 2026, comprising 9-10% of the total Grade A office stock in the country, according to a Colliers-FICCI report.


Source link